Implementing APRA Connect
Last updated: 30 June 2021
About APRA Connect
From 13 September 2021 APRA Connect will progressively replace Direct to APRA (D2A), and facilitate entities meeting other prudential obligations. Data collected by APRA under the Financial Sector (Collection of Data) Act 2001 is used for prudential supervision, statistical publications and shared with partner agencies.
Summary of the implementation approach
- APRA Connect will go live from 13 September 2021 with a progressive cutover of data reporting to the new solution.
- All entities will be responsible for maintaining entity information, such as contact details, responsible persons and related parties (including Banking Executive Accountability Regime (BEAR) reporting for Authorised Deposit-taking Institutions (ADIs) on APRA Connect.
- The timing of data reporting commencing in APRA Connect will vary for each industry. APRA will progressively start new collections in APRA Connect in line with industry consultations.
- The first data collections to be introduced in APRA Connect at the September 2021 go live will be the Superannuation Data Transformation collections, due in September and Private Health Insurance (PHI) Reform (HRS 605.0), due in October.
- Direct to APRA (D2A) will continue to be used for most existing collections. This means that dual reporting systems will be in place for the medium term and any resubmissions for D2A-submitted returns must be made through D2A.
- Returns will be exclusively available on one system or the other and no new collections will be introduced to D2A.
- Once all data reporting has moved to APRA Connect, the D2A system will be retired.
Note: All entities who submit Form 701 for intermediated insurance business will continue to submit this form via current methods. APRA will advise in 2022 when Form 701 will first be submitted on APRA Connect.
Find more about what this means for each industry.
What benefits will APRA Connect deliver?
APRA Connect will provide a better and simpler user experience.
Easier to use – APRA Connect has a modern, intuitive user interface and will enable more options for data uploads.
Less ongoing maintenance required – APRA Connect is web-based and will not require additional software to be installed on a user’s machine, simplifying system maintenance.
Adaptable to future needs – APRA Connect will adapt as reporting requirements, data analytics and technology evolve, and will provide greater flexibility for automation of data submission.
Fit-for-purpose collection design
New collections will use broader and more granular data models that can be used by APRA and partner agencies to fulfil multiple data requirements. These models will require less aggregation and are designed to be more aligned to the industry’s underlying data structures. APRA Connect provides APRA with a platform that facilitates the development of these future collections. Submission methods will be made available that take into account the complexity of data.
For example, simple reporting requirements may still be fulfilled by simple submission methods, such as manually completing an online form or uploading a table based on a template. However, more complex reporting requirements, and larger data collections may be more appropriately reported as data files.
Managing implementation risks
As with all large-scale technology-related projects, APRA is committed to managing and mitigating risks. APRA has a risk management framework in place with assurance processes to ensure risks are considered and appropriate mitigation plans and contingencies are in place.
The implementation approach has been revised to take account of industry feedback and the impacts of COVID-19 on all industries, as well as data collection priorities such as Superannuation Data Transformation program and consideration of longer-term regulatory needs.